China's central bank: Recovery not strong enough

LOS ANGELES (MarketWatch) -- The People's Bank of China said Wednesday that the economy recovery is still insufficient and that correcting structural problems for the nation's growth is urgent. "Our nation's economic situation is generally improving, but the internal strength of the economic recovery is still not enough, and structural contradictions still exist, [making] a change to the path of economic development ever more urgent," it said in a statement on its Web site, citing its fourth-quarter Monetary Policy Committee. The PBOC added it will seek to keep policy flexible and will focus on decreasing economic volatility and manage the pace of loan growth.